1-Star Price
PREMIUM
5-Star Price
PREMIUM
Economic Moat
PREMIUM
Capital Allocation
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Exact Sciences had a good finish to the year, with reported sales in line with our expectations driven by a strong fourth-quarter result in the high-growth precision oncology business. We are maintaining our no-moat rating and $76 fair value estimate, and we still view shares as significantly overvalued.
Exact Sciences Corporation, headquartered in Madison, Wisconsin, provides cancer screening and diagnostic test products in the United States and internationally. Exact’s Cologuard screening test, a non-invasive stool-based DNA test, is a pre-cancer screening test for colorectal cancer. The company also competes in the precision oncology market with Oncotype DX, a genetic-based treatment selection test for breast, prostate, and colon cancers. With the acquisitions of Base Genomics and Thrive Earlier Detection, Exact is building a multi-cancer early screening test to detect over 14 cancers, a test that would be one of earliest entrants in liquid biopsy (blood-based) cancer screening.
